Tax credits reduce the cost of monthly premiums. If you qualify for Monthly Premium Assistance, you can have your tax credit sent straight to Sharp Health Plan to reduce the amount you pay in premium during the year. You can also pay the full premium during the year and get a tax credit when you file your federal income tax form. It’s your choice.
The amount of tax credit you receive depends on your estimated household income and household size. Individual and families with lower incomes will get the most financial support. This includes individuals and families making up to 400 percent of the federal poverty level.
Individuals and families who purchase a plan from Sharp through the Covered California Marketplace—and who have a household income at or below 250 percent of the federal poverty level – might qualify for cost-sharing reductions. If you qualify you can save on out-of-pocket costs with lower deductibles, coinsurance, and copays.